Bombay Shaving Company reported its strongest annual performance in FY26, posting a sharp surge in revenue and a steep reduction in losses, signalling improving unit economics ahead of a potential stock market debut. The Visage Lines Personal Care-owned firm said growth was broad-based across men’s grooming and women’s personal care, with gains in both online and offline channels.
Revenue accelerates; losses narrow as core brands scale
Operating revenue rose 139% to ₹634.7 crore in FY26 from ₹265.6 crore a year earlier. Including about ₹6 crore in interest income, total revenue was close to ₹641 crore. The company attributed the upswing to stronger demand, wider distribution, and new launches across key categories.
Its flagship brands—Bombay Shaving Company (men’s grooming) and Bombae (women’s personal care)—contributed over ₹581 crore, accounting for more than 91% of operating revenue. The B2B digital commerce arm, 100Days.co, doubled revenue to ₹48 crore, underscoring traction in services to consumer brands.
Total expenses rose 97.4% to ₹649.6 crore, led by higher input costs as volumes scaled, alongside stepped-up advertising and promotional spends for brand building and customer acquisition. Employee benefit expenses inched up to ₹47.3 crore amid expansion and hiring.
Despite the cost rise, bottom-line metrics improved notably. Consolidated net loss narrowed to ₹9 crore in FY26 from ₹58.2 crore in FY25. Adjusted EBITDA turned positive at ₹2.2 crore after excluding non-cash ESOP expenses of ₹7 crore, indicating improved operating leverage.
As of March 2026, current assets stood at ₹313 crore, including ₹96 crore in cash and bank balances, providing liquidity to fund growth and working capital.
IPO on the horizon; focus on profitability and scale
The company is preparing for an initial public offering within 18–24 months, with a target listing in 2027. In November 2025, it raised ₹136 crore via a mix of primary and secondary transactions led by Sixth Sense Ventures, with participation from founder and CEO Shantanu Deshpande, the Patni Family Office, GII, several HNIs, and former cricketer Rahul Dravid. Cumulatively, the company has raised about $65.1 million and is valued at around ₹947 crore.
Management aims to reach ₹1,000 crore in revenue in FY27 while sustaining a high single-digit adjusted EBITDA margin. Ahead of filing IPO papers, the company is targeting ₹150 crore in EBITDA. It also plans to expand its consumer base to 100 million over three years and increase retail presence from roughly 65,000 outlets to between 3 lakh and 5 lakh stores across India.
In a leadership move aligned with IPO readiness, Ashu Dhingra was appointed Chief Financial Officer in November 2025. He brings nearly two decades of experience across finance and strategy roles at Eternal, OLX, Walmart, Marico, and ITC.
Digital-first engine and Make in India push to power growth
Bombay Shaving Company remains a digital-first personal care brand, with an estimated 80–90% of revenue coming from online channels, including its website, quick commerce platforms, and leading e-commerce marketplaces. Quick commerce has been a key growth lever, particularly in Tier-2 markets, aiding discoverability, repeat purchases, and faster delivery.
Following its migration to Shopify in 2021, the company reported higher conversion rates and robust scalability, handling over 50,000 orders during peak sale events without significant downtime—supporting its direct-to-consumer strategy.
The product portfolio now spans 300+ SKUs. Trimmers are the fastest-growing category, contributing nearly 45% of the business. Bombae has emerged as a major growth driver, contributing about 40–45% to overall growth and expanding into adjacent categories such as hair styling.
Under its Make in India strategy, the company unveiled the Eco Sensi 3 razor, manufactured entirely in India using eco-friendly materials including coconut shells, bamboo, and agricultural stubble. Its Greater Noida facility currently produces 2–4 lakh trimmers per month. The firm plans to invest ₹10–20 crore in a new manufacturing unit, with the goal of localising around 80% of its electronics production in the next two to three years.
